Remuneration and Nomination Committee Report

Composition of the Committee

The Remuneration and Nomination Committee during the financial year comprised the following members.

  • Mr Chan Chee Beng – Non-Executive Director (Chairman)
  • Mr P G Kumarasinghe Sirisena – Independent Director
  • Mr Lawrence Paratz – Independent Director

The Company Secretary functions as the Secretary of the Committee.

The Committee invites the Group Chief Executive Officer, Chief Human Resource Officer and external advisers to attend for all or any part of the meeting as required.

Role and responsibilities

The principal tasks of the Committee include;

  • formulating proposals to the Board of Directors with respect to the remuneration policy of Non-Executive Directors, Chief Executive Officer and Executive Management.
  • nominate for Board’s approval suitable candidates to fill casual vacancies from time to time arising in the Board.
  • review the career and development plans for the Company’s most senior members of management with a view to ensuring that there is an adequate talent pool,

The Term of Reference of the Committee is available on the Company’s website – www.slt.lk.

Activities carried out during 2017

The Committee met on five occasions during the year 2017 and the activities carried out are summarised below.

  • Recommendation for appointments/promotions to the position of Senior Management.
  • Recommending extension of services of senior officers.
  • Performance Review of Senior Management
  • Recommending payment of annual bonus and increments for employees of SLT and its subsidiaries.
  • Making recommendation for reconstitution of Board subcommittees and the Boards of subsidiary companies.
  • Performance evaluation of the Group Chief Executive Officer
  • Review of the Staff Recruitment and Promotion Scheme for revision.

On behalf of the Remuneration and Nomination Committee

Chan Chee Beng

29 March 2018